Cultivating Inclusive Workplaces in Financial Services: Beyond Pride Month

Every pride month, rainbows and hashtags adorn company social media, only to fade into obscurity, along with the virtues which they signal, after the 30^th of June. However, the financial services sector, which exhibits some of the most extreme gender pay gaps in the nation, has faced scrutiny due to widespread discrimination and exclusionary working cultures, prompting the FCA to publish Consultation Paper (CP23/20), ‘Diversity and Inclusion in the Financial Sector’ proposing a new regulatory framework to improve D&I across the sector. 

Whilst advances have been made, significant issues and challenges remain for the LGBTQ+ community. For instance, a report from the CIPD found that 40% of lesbian, gay, and bisexual employees had faced conflict and harassment in the workplace, rising to 55% for transgender employees, whilst research from Stonewall found 35% of LGBT+ employees hid their gender identity or sexual orientation at work. With LGBTQ+ individuals more vulnerable to pay inequities and discriminatory treatment, it is important that discussions surrounding D&I and supporting the LGBTQ+ community are meaningful and continue beyond Pride Month to drive real, positive change.

Failing to achieve diverse, equitable and inclusive workplace cultures will also have a detrimental impact on the service provided to customers. The 2018 FCA Financial Lives Survey revealed that LGBTQ+ people are almost twice as likely – 44% compared to 25% of adults who do not identify as LGBTQ+ - to disagree that they have confidence in the UK financial services industry. For firms to provide the best service to this customer base, it must first repair and build upon cultures within.

So, what can firms do this pride month to enact meaningful change within the workplace?

What can be done? 

Learning and Education

Take the time to engage with the radical history of pride, learning why it is celebrated and consider how society can learn from the past to forge a better future and tackle ongoing issues. Taking the time to understand the wider historical and cultural context of Pride month helps firms to avoid empty ‘rainbow-washing’ or ‘virtue-signalling’, raises awareness of the struggles faced by the LGBTQ+ community and can prompt wider discussions around how to enact improvements, ensuing the topic remains at the forefront of employee consciousness beyond Pride month.

Regular unconscious bias training can also help employees and decision makers to unravel hidden biases, prevent discrimination, exclusionary decision- making, and contribute to a more a self-reflective working environment equipped to support others, recognise the value of diversity, and ensure people feel safe and accepted.  

Annual CPD presents an opportunity to boost learning related to D&I. The Development Zone e-learning platform has a range of relevant courses including: ‘Improving Diversity and Inclusion in the Workplace’, ‘Inclusive Design’, and ‘Diversity, and Inclusion in Customer Services’.  

Implement and develop inclusive policies.

These may include inclusive language policies, mentorship and sponsorship programs and employee engagement groups. Something as simple as creating an opt-in initiative allowing employees to include their pronouns on email signatures can contribute to inclusivity and make individuals feel valued and seen. Moreover, inclusive policies attract talent- particularly younger generations who value authenticity (according to research from EY, authenticity is the most important value for Gen Z talent).

Conduct internal Audits

Conducting regular internal audits can help to identify areas requiring improvement and equip firms with the information and insight to enact meaningful change. Anonymised surveys are a useful way to unlock insights into how LGBTQ+ employees feel about the workplace, uncover issues, and to receive suggestions of how things can be improved going forward.

Work with LGBTQ+ advocacy groups

Such groups can provide valuable insights and advice on how to improve inclusivity and equitability in the workplace, mitigate issues such as bullying, underrepresentation and pay gaps.

Beyond Pride

A more equitable future for the LGBTQ+ will have wide ranging benefits for the industry, attracting a diverse range of new talent, gaining the trust of a wide customer base, and improving the overall integrity of the sector. The performance of firms could also be enriched; according to the Centre for Talent & Innovation, organisations that rate highly in both diversity and inclusion are 70% more likely to have success in new markets and 45% more likely to improve their market share.

To improve diversity and inclusion, cultivate workplaces in which employees feel safe, supported, and valued, and to ensure that LGBTQ+ customers receive the best service possible, there must be constant reflection from all employees, leadership buy-in, meaningful target setting, and firm-wide accountability in driving meaningful change- all of which must continue to be practised and considered beyond Pride Month.

If you are already a Development Zone user, you can find a range of courses related to topics we have touched on in this article, including:

• Improving Diversity and Inclusion in the Workplace
• Inclusive Design
• Diversity and Inclusion in Customer Services

If you are new to the Aviva Development Zone, we offer a 14-day free trial where you can try every feature and every course! Click here to find out more: https://mydevelopment.zone/